Fiscal rules and the procyclicality of fiscal policy in the developing world /:
"This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either...
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| Main Authors: | , , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2014.
|
| Series: | IMF working paper ;
WP/14/122. |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | "This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of "second generation" rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality"--Abstract |
| Item Description: | "Fiscal Affairs Department"--Page 2 of pdf "July 2014"--Page 2 of pdf |
| Physical Description: | 1 online resource (27 pages) : color illustrations |
| Bibliography: | Includes bibliographical references (pages 25-27). |
| ISBN: | 9781498308182 149830818X |
Staff View
MARC
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| 245 | 1 | 0 | |a Fiscal rules and the procyclicality of fiscal policy in the developing world / |c Elva Bova, Nathalie Carcenac, and Martine Guerguil. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2014. | ||
| 300 | |a 1 online resource (27 pages) : |b color illustrations | ||
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| 490 | 1 | |a IMF working paper ; |v WP/14/122 | |
| 500 | |a "Fiscal Affairs Department"--Page 2 of pdf | ||
| 500 | |a "July 2014"--Page 2 of pdf | ||
| 520 | |a "This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of "second generation" rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality"--Abstract | ||
| 504 | |a Includes bibliographical references (pages 25-27). | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed July 15, 2014). | |
| 505 | 0 | |a Cover -- Contents -- Abstract -- I. Introduction -- II. Fiscal Rules in EMDEs -- III. Fiscal Rules and Procyclicality: A Brief Literature Review -- IV. Fiscal Rules and Procyclicality in EMDEs: Some Preliminary Evidence -- V. Design of Fiscal Rules and Procyclicality -- VI. Conclusions -- Tables -- 1. National Rules and IMF Programs -- 2. Regression Coefficients Between Cyclical Components of Real Spending and Real Spending and Real GDP, 1995�2012 -- 3. Regression Coefficients Under Fiscal Rules, 1995�2012 | |
| 505 | 8 | |a 4. Regression Coefficients Before and After the Introduction of Cyclically-Adjusted Balance RulesFigures -- 1. Adoption of Fiscal Rules -- 2. Number of Countries with Fiscal Rules, 1990�2012 -- 3. Number Fiscal Rules per Country Groups, 2012 -- 4. Types of Fiscal Rules, 2012 -- 5. Coverage of Rules (General Versus Central Government), 2012 -- 6. Number of Fiscal Rules by Region, 2012 -- 7. Number of Countries with Change and Suspension of Fiscal Rule -- 8. Regression Coefficients, 1995�2012 -- 9. Regression Coefficients 2004�12. | |
| 505 | 8 | |a 10. Procyclicality per Type of Rule, 1995�201211. Cyclically-Adjusted Balance Budget Rules, 1995�2012 -- 12. Well Defined Escape Clauses -- 13. Overall Fiscal Rule Index, 1990�2012 -- 14. Procyclicality and Budget Institutions Index for EMDEs, 1995�2012 -- 15. Procyclicality and Budget Institutions for EMDEs, 1995�2012 -- Appendices -- I. Fiscal Rules by Country, Type, and Year of Adoption -- II. Regression Coefficients with Alternative HP Smoothing Parameters -- References | |
| 650 | 0 | |a Fiscal policy |z Developing countries. | |
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| 651 | 7 | |a Developing countries |2 fast | |
| 700 | 1 | |a Carcenac, Nathalie, |e author. |0 http://id.loc.gov/authorities/names/no2014093742 | |
| 700 | 1 | |a Guerguil, Martine, |e author. |0 http://id.loc.gov/authorities/names/no98084555 | |
| 710 | 2 | |a International Monetary Fund. |b Fiscal Affairs Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n81027435 | |
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| adam_text | |
| any_adam_object | |
| author | Bova, Elva Carcenac, Nathalie Guerguil, Martine |
| author_GND | http://id.loc.gov/authorities/names/no2013036675 http://id.loc.gov/authorities/names/no2014093742 http://id.loc.gov/authorities/names/no98084555 |
| author_facet | Bova, Elva Carcenac, Nathalie Guerguil, Martine |
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| contents | Cover -- Contents -- Abstract -- I. Introduction -- II. Fiscal Rules in EMDEs -- III. Fiscal Rules and Procyclicality: A Brief Literature Review -- IV. Fiscal Rules and Procyclicality in EMDEs: Some Preliminary Evidence -- V. Design of Fiscal Rules and Procyclicality -- VI. Conclusions -- Tables -- 1. National Rules and IMF Programs -- 2. Regression Coefficients Between Cyclical Components of Real Spending and Real Spending and Real GDP, 1995�2012 -- 3. Regression Coefficients Under Fiscal Rules, 1995�2012 4. Regression Coefficients Before and After the Introduction of Cyclically-Adjusted Balance RulesFigures -- 1. Adoption of Fiscal Rules -- 2. Number of Countries with Fiscal Rules, 1990�2012 -- 3. Number Fiscal Rules per Country Groups, 2012 -- 4. Types of Fiscal Rules, 2012 -- 5. Coverage of Rules (General Versus Central Government), 2012 -- 6. Number of Fiscal Rules by Region, 2012 -- 7. Number of Countries with Change and Suspension of Fiscal Rule -- 8. Regression Coefficients, 1995�2012 -- 9. Regression Coefficients 2004�12. 10. Procyclicality per Type of Rule, 1995�201211. Cyclically-Adjusted Balance Budget Rules, 1995�2012 -- 12. Well Defined Escape Clauses -- 13. Overall Fiscal Rule Index, 1990�2012 -- 14. Procyclicality and Budget Institutions Index for EMDEs, 1995�2012 -- 15. Procyclicality and Budget Institutions for EMDEs, 1995�2012 -- Appendices -- I. Fiscal Rules by Country, Type, and Year of Adoption -- II. Regression Coefficients with Alternative HP Smoothing Parameters -- References |
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.1/52 |
| dewey-sort | 3332.1 252 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic_facet | Developing countries |
| id | ZDB-4-EBU-ocn883665023 |
| illustrated | Illustrated |
| indexdate | 2025-03-18T14:27:48Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n81027435 |
| isbn | 9781498308182 149830818X |
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| oclc_num | 883665023 |
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| publishDateSearch | 2014 |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Bova, Elva, author. http://id.loc.gov/authorities/names/no2013036675 Fiscal rules and the procyclicality of fiscal policy in the developing world / Elva Bova, Nathalie Carcenac, and Martine Guerguil. [Washington, D.C.] : International Monetary Fund, ©2014. 1 online resource (27 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/14/122 "Fiscal Affairs Department"--Page 2 of pdf "July 2014"--Page 2 of pdf "This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of "second generation" rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality"--Abstract Includes bibliographical references (pages 25-27). Online resource; title from pdf title page (IMF.org Web site, viewed July 15, 2014). Cover -- Contents -- Abstract -- I. Introduction -- II. Fiscal Rules in EMDEs -- III. Fiscal Rules and Procyclicality: A Brief Literature Review -- IV. Fiscal Rules and Procyclicality in EMDEs: Some Preliminary Evidence -- V. Design of Fiscal Rules and Procyclicality -- VI. Conclusions -- Tables -- 1. National Rules and IMF Programs -- 2. Regression Coefficients Between Cyclical Components of Real Spending and Real Spending and Real GDP, 1995â€?2012 -- 3. Regression Coefficients Under Fiscal Rules, 1995â€?2012 4. Regression Coefficients Before and After the Introduction of Cyclically-Adjusted Balance RulesFigures -- 1. Adoption of Fiscal Rules -- 2. Number of Countries with Fiscal Rules, 1990â€?2012 -- 3. Number Fiscal Rules per Country Groups, 2012 -- 4. Types of Fiscal Rules, 2012 -- 5. Coverage of Rules (General Versus Central Government), 2012 -- 6. Number of Fiscal Rules by Region, 2012 -- 7. Number of Countries with Change and Suspension of Fiscal Rule -- 8. Regression Coefficients, 1995â€?2012 -- 9. Regression Coefficients 2004â€?12. 10. Procyclicality per Type of Rule, 1995â€?201211. Cyclically-Adjusted Balance Budget Rules, 1995â€?2012 -- 12. Well Defined Escape Clauses -- 13. Overall Fiscal Rule Index, 1990â€?2012 -- 14. Procyclicality and Budget Institutions Index for EMDEs, 1995â€?2012 -- 15. Procyclicality and Budget Institutions for EMDEs, 1995â€?2012 -- Appendices -- I. Fiscal Rules by Country, Type, and Year of Adoption -- II. Regression Coefficients with Alternative HP Smoothing Parameters -- References Fiscal policy Developing countries. Finance, Public Developing countries. Business cycles Developing countries. BUSINESS & ECONOMICS Finance. bisacsh Business cycles fast Finance, Public fast Fiscal policy fast Developing countries fast Carcenac, Nathalie, author. http://id.loc.gov/authorities/names/no2014093742 Guerguil, Martine, author. http://id.loc.gov/authorities/names/no98084555 International Monetary Fund. Fiscal Affairs Department, issuing body. http://id.loc.gov/authorities/names/n81027435 has work: Fiscal rules and the procyclicality of fiscal policy in the developing world (Text) https://id.oclc.org/worldcat/entity/E39PCGrTkmxKmgGG8vxRBQVP33 https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/14/122. http://id.loc.gov/authorities/names/no89010263 |
| spellingShingle | Bova, Elva Carcenac, Nathalie Guerguil, Martine Fiscal rules and the procyclicality of fiscal policy in the developing world / IMF working paper ; Cover -- Contents -- Abstract -- I. Introduction -- II. Fiscal Rules in EMDEs -- III. Fiscal Rules and Procyclicality: A Brief Literature Review -- IV. Fiscal Rules and Procyclicality in EMDEs: Some Preliminary Evidence -- V. Design of Fiscal Rules and Procyclicality -- VI. Conclusions -- Tables -- 1. National Rules and IMF Programs -- 2. Regression Coefficients Between Cyclical Components of Real Spending and Real Spending and Real GDP, 1995�2012 -- 3. Regression Coefficients Under Fiscal Rules, 1995�2012 4. Regression Coefficients Before and After the Introduction of Cyclically-Adjusted Balance RulesFigures -- 1. Adoption of Fiscal Rules -- 2. Number of Countries with Fiscal Rules, 1990�2012 -- 3. Number Fiscal Rules per Country Groups, 2012 -- 4. Types of Fiscal Rules, 2012 -- 5. Coverage of Rules (General Versus Central Government), 2012 -- 6. Number of Fiscal Rules by Region, 2012 -- 7. Number of Countries with Change and Suspension of Fiscal Rule -- 8. Regression Coefficients, 1995�2012 -- 9. Regression Coefficients 2004�12. 10. Procyclicality per Type of Rule, 1995�201211. Cyclically-Adjusted Balance Budget Rules, 1995�2012 -- 12. Well Defined Escape Clauses -- 13. Overall Fiscal Rule Index, 1990�2012 -- 14. Procyclicality and Budget Institutions Index for EMDEs, 1995�2012 -- 15. Procyclicality and Budget Institutions for EMDEs, 1995�2012 -- Appendices -- I. Fiscal Rules by Country, Type, and Year of Adoption -- II. Regression Coefficients with Alternative HP Smoothing Parameters -- References Fiscal policy Developing countries. Finance, Public Developing countries. Business cycles Developing countries. BUSINESS & ECONOMICS Finance. bisacsh Business cycles fast Finance, Public fast Fiscal policy fast |
| title | Fiscal rules and the procyclicality of fiscal policy in the developing world / |
| title_auth | Fiscal rules and the procyclicality of fiscal policy in the developing world / |
| title_exact_search | Fiscal rules and the procyclicality of fiscal policy in the developing world / |
| title_full | Fiscal rules and the procyclicality of fiscal policy in the developing world / Elva Bova, Nathalie Carcenac, and Martine Guerguil. |
| title_fullStr | Fiscal rules and the procyclicality of fiscal policy in the developing world / Elva Bova, Nathalie Carcenac, and Martine Guerguil. |
| title_full_unstemmed | Fiscal rules and the procyclicality of fiscal policy in the developing world / Elva Bova, Nathalie Carcenac, and Martine Guerguil. |
| title_short | Fiscal rules and the procyclicality of fiscal policy in the developing world / |
| title_sort | fiscal rules and the procyclicality of fiscal policy in the developing world |
| topic | Fiscal policy Developing countries. Finance, Public Developing countries. Business cycles Developing countries. BUSINESS & ECONOMICS Finance. bisacsh Business cycles fast Finance, Public fast Fiscal policy fast |
| topic_facet | Fiscal policy Developing countries. Finance, Public Developing countries. Business cycles Developing countries. BUSINESS & ECONOMICS Finance. Business cycles Finance, Public Fiscal policy Developing countries |
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